DOJ Sues Visa for Antitrust Violations - Articles

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Posted by: Azya Thornton on Sep 25, 2024

The U.S. Department of Justice (DOJ) filed an antitrust lawsuit against Visa, one of the world's largest payment networks, of violating antitrust law by suppressing competition by threatening merchants with high fees and paying off potential rivals, according to Reuters. The DOJ seeks a court order barring these practices to restore competition for processing debit transactions. Julie Rottenberg, Visa's general counsel, says competition is thriving in the debit market. According to the report, prosecutors are seeking to block Visa from imposing pricing structures that discourage competition, and paying rivals not to compete, which prosecutors say will restore competition for services to process debit payments both online and at physical stores.